Nova (eikaiwa) - 2007 Financial Crisis - Sahashi's Removal

Sahashi's Removal

On 26 October 2007, Nova's stock was delisted and all branches closed, following an emergency board meeting that removed Sahashi from his position as head of the company.

In June 2008, after a volunteer questioning with Osaka Prefectural Police, a warrant was served and Sahashi was arrested on charges of embezzlement. Sahashi denied charges of wrongdoing and insisted that the 320 million yen reserve fund personally created through a firm affiliated with Nova effectively under Sahashi's control had been set up to refund tuition fees to students who had canceled their lessons.

Read more about this topic:  Nova (eikaiwa), 2007 Financial Crisis

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